If you missed it, this from Barclays on Wednesday is the stand-out chart of the week, illustrating which developing countries’ currencies and bonds have taken the biggest hit since investors started fretting about the Big Bad Taper Monster.

Barclays reckons there may be some pockets of value here and there. Broadly, though, it advises caution.

Jose Wynne, chief currencies analyst at the bank, said the following in his note:

“There is not enough value built yet to cushion local assets from further sell-offs in global rates. There have been drops in external debt, but these do not look particularly unwarranted. Notice that the market is giving a particularly hard time to India, Indonesia and Turkey, while also questioning Brazil and South Africa. The bases in Turkey and Brazil explain about 60 bps of these moves (in other words USD bonds, have not sold off to the same extent), but the message remains: countries with external funding needs are suffering the most under tapering, as expected. While we may have our relative value ideas on these credits, we do not think the sell-offs in dollar funding warrant a buy, consistent with the idea that global funding may tighten further under a disappointing global growth outlook, posing headwinds to EM fundamentals at the margin.”